- Telegram unveils a self-custodial crypto wallet in collaboration with The Open Network Foundation.
- The feature rollout will commence globally in November, excluding a few countries.
- The move marks a significant shift from Telegram’s 2020 statement after SEC’s interference.
Telegram collaborates with The Open Network Foundation, launching a new crypto wallet feature for its massive user base, symbolizing a triumphant return to the crypto space after previous regulatory challenges.
A Revival: Telegram & TON’s Historical Backdrop
In 2020, Telegram publicly ended its association with The Open Network (TON) due to a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The SEC’s contention was Telegram’s alleged offering of unregistered securities during its initial coin offering (ICO) for its token, Grams. The fallout included an $18.5 million fine and a refund to investors. Fast forward to today, the renewed partnership signifies a fresh beginning for both entities.
TON Space: A New Dawn for Telegram’s Crypto Aspirations
TON Foundation’s recent announcement highlighted the introduction of TON Space, a self-custodial digital wallet, now available to Telegram’s approximately 800 million users. Furthermore, TON-built projects will have privileged access to Telegram Ads, broadening the synergy between the chat platform and the blockchain ecosystem. Users can easily access the wallet feature within Telegram’s settings, with an impending global launch scheduled for November. However, specific regions like the U.S. will be excluded from this rollout.
The Genesis of TON’s Vision & Telegram’s Prior Stance
TON’s origin can be traced back to Telegram’s ambition, somewhat resembling Elon Musk’s vision for Twitter, to integrate crypto transactions within chat threads and unearth potential monetization avenues for the messaging app. Pavel Durov, Telegram’s co-founder, once imagined TON as the future of crypto-based chats. Nevertheless, a 2020 statement marked the end of Telegram’s association with TON, with Durov cautioning against any future collaborations. The current partnership seems to contradict that very assertion.
Community’s Resilience: Keeping TON’s Dream Alive
Despite Telegram’s earlier withdrawal, community-led organizations such as FreeTon, NewTON, and the TON Chinese Community strived to sustain TON’s legacy. John Hyman, Telegram’s Chief Investment Officer, emphasized the significance of granting users ownership of their identities and assets, resonating with the company’s commitment to free speech. The announcement’s timing coincides with TON Foundation’s decision to establish its base in Switzerland, registering as a non-profit, further strengthening the collaboration’s foundation.
Telegram’s Growth and Future Prospects
At the time when Telegram distanced itself from TON, it boasted nearly 400 million users. Recent statistics reveal an impressive growth trajectory, with user numbers doubling since then. Telegram now ranks among the top 10 most downloaded applications worldwide, indicating a promising future for its endeavors in the crypto domain.
Conclusion
The rekindled alliance between Telegram and TON Foundation signals a pivotal moment in the crypto industry, with one of the most prominent messaging platforms diving back into the crypto realm. As the digital landscape continues to evolve, partnerships like these will undoubtedly set the tone for the convergence of communication platforms and the burgeoning world of cryptocurrencies.
